Standard Chartered's ventures arm, SC Ventures, has announced a partnership with Japanese conglomerate SBI Holdings to establish a digital asset joint venture in the United Arab Emirates (UAE). This joint venture aims to invest in various companies across the digital assets spectrum, including market infrastructure, risk and compliance tools, defi, tokenization, consumer payments, and the metaverse.
Collaboration with SBI Holdings
SC Ventures, the ventures arm of Standard Chartered, has recently revealed its collaboration with SBI Holdings, a Japanese financial conglomerate, to establish a Digital Asset Joint Venture investment company in the UAE. As part of this collaboration, the two companies plan to capitalize the vehicle with $100 million.
The primary focus of the joint venture will be to invest in companies operating within the digital assets space. This includes market infrastructure, risk and compliance tools, decentralized finance (defi), tokenization, consumer payments, and the metaverse.
UAE as a Fintech Hub
The CEO of SC Ventures, Alex Manson, highlighted that the UAE is rapidly emerging as a fintech hub for digital assets due to its robust infrastructure and skilled talent pool. The joint venture aims to leverage SC Ventures' expertise in digital assets gained through its ventures like Zodia Custody and Zodia Markets, as well as its investments in Ripple and Metaco. The Digital Asset Joint Venture plans to make investments ranging from seed to Series C funding, with a global investment focus.
The CEO of SBI Holdings, Yoshitaka Kitao, expressed his belief that this initiative further strengthens the strategic relationship between SBI Holdings and SC Ventures. SBI Holdings has previously invested in SC Ventures' portfolio companies, including Solv, Zodia Custody, and Myzoi.
Partnership with DIFC
In May, Standard Chartered signed a memorandum of understanding with the Dubai International Financial Centre (DIFC), a special economic zone, to collaborate in the digital asset space, particularly digital asset custody. Salmaan Jaffery, the Chief Business Development Officer at DIFC, congratulated SC Ventures and SBI Holdings on their joint venture, emphasizing their contribution to shaping the future of finance in the Dubai International Financial Centre.
The partnership between Standard Chartered's SC Ventures and SBI Holdings to establish a digital asset joint venture in the UAE is an exciting development in the fintech industry. By combining their expertise and resources, these companies aim to drive innovation and investment in the digital assets space, contributing to the growth of the UAE as a global fintech hub.
What are your thoughts on Standard Chartered's SC Ventures and SBI Holdings joining forces to set up a digital asset joint venture in the UAE? Share your opinions in the comments section below.
Frequently Asked Questions
What is the difference between a gold and silver IRA?
An IRA for gold and/or silver allows you to invest without tax in precious metals such as silver and gold. They are a good investment option for those who wish to diversify their portfolios.
If you are over 59 1/2, income tax is not due on the interest earned from these accounts. On any appreciation in value of the account, you don't have to pay capital gain tax. This account has a limit on how much you can put in. The minimum amount permitted is $10,000 You can't invest if you're younger than 59 1/2. The maximum annual contribution allowed is $5,500
If you die prior to retirement, your beneficiaries may not receive the full amount. After all expenses have been paid, your estate must contain enough assets to cover any remaining balance in your account.
Some banks offer gold and silver IRA options, while others require you to open a regular brokerage account through which you buy shares or certificates.
Can I keep my gold IRA at work?
An online brokerage account can be a great way to save your money. You have all the investment options you'd get if you had a traditional broker. However, you don't require any licenses or qualifications. You don't have to pay any fees for investing.
In addition, many online brokers offer free tools to help you manage your portfolio. You can even download charts to view the performance of your investments.
What are the fees for an IRA that holds gold?
An average annual fee for an individual retirement plan (IRA) is $1,000. There are many types and types of IRAs. These include traditional, Roth or SEP-IRAs as well as SIMPLE IRAs. Each type comes with its own set rules and requirements. If the earnings are not tax-deferred you could be subject to taxes. It is important to consider how long you plan on keeping the money. If you have a long-term goal of holding on to your money, you'll be able to save more money if you open a Traditional IRA.
You can contribute up to $5500 per year to a traditional IRA (or $6500 if you are 50 or older). A Roth IRA lets you contribute unlimited amounts each year. The difference between the two is simple. A traditional IRA can be withdrawn after retirement without any taxes. However, Roth IRA withdrawals are subject to tax.
How much of your IRA should include precious metals?
Protect yourself from inflation by investing in precious metallics like silver and gold. This is not only an investment for retirement, but it can also help you prepare for any economic downturn.
Gold and silver prices have increased significantly over the past few years, but they are still considered safe investments because they don't fluctuate as much as stocks do. These materials are in constant demand.
Gold and silver prices are usually stable and predictable. They increase with economic growth and decrease in recessions. This makes them excellent money-savers, and long-term investment options.
Your total portfolio should be 10 percent in precious metals. This percentage can be increased if your portfolio is more diverse.
- Depending on your financial situation, most experts recommend you invest no more than 5% to 10% of your retirement funds in precious metals. (forbes.com)
- Silver must be 99.9% pure • (forbes.com)
- The maximum yearly contribution to an individual's IRAs is currently $6,000 ($7,000 for those 50 years or older), or 100% of earned income, whichever is less. (monex.com)
- To qualify as IRA allowable precious metals and be accepted by STRATA, the following minimum fineness requirements must be met: Gold must be 99.5% pure, silver must be 99.9% pure, and platinum and palladium must both be 99.95% pure. (stratatrust.com)
- Gold IRA: Add Some Sparkle To Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
How to Buy Silver With Your IRA
How to buy silver with an IRA – Direct ownership of physical bullion is the best way to invest. The most popular investment form is silver bars and coins. This is because it offers diversification and liquidity.
There are many options to buy precious metals like silver and gold. They can be purchased directly from the producers (mining companies or refiners). If you don't want the hassle of dealing with a producer directly, you can purchase them from a dealer that buys and trades bullion products.
This article will help you to start investing silver with your IRA.
- Investing in Gold & Silver through Direct Ownership – The best way to purchase precious metals is to directly go to the source. This involves getting the bullion and having it delivered to your doorstep. While some investors choose to keep their bullion in their homes, others opt to store it at a storage facility where it's insured and protected. You should ensure that your precious metal is properly stored when you are preserving it. Many storage facilities offer insurance against fire, theft and damage. You could lose your investments due either to natural disasters, human error, or even insurance. The safe storage of precious metals at a bank or credit card union is always recommended.
- Online Precious Metals Buying – If you prefer not to transport heavy boxes of precious metal around, then buying bullion online is an option. Bullion dealers offer bullion in a variety of forms, including bars and coins. You can find coins in many sizes, shapes, or designs. Coins are generally easier to transport than bars and more affordable. Bars come with a range of weights and sizes. Bars come in a variety of sizes and weights. Some bars weigh hundreds while others weigh just a few pounds. A good rule of thumb when selecting which type of bar you should get is to look at what you plan to use it for. If you plan to use it as a gift, you might want to consider something smaller. It might not be the best choice if you're looking to add it in your collection or display it proudly.
- Dealers for Precious Metal – The third option is to buy bullion direct from dealers. Most dealers are experts in one part of the market: gold or silver. Some dealers are experts in specific types of bullion such as rounds and minted coins. Others specialize in specific regions. Others are specialists in bulk purchases. No matter what dealer you choose you will find that they offer great prices and flexible payment options.
- Buy Precious Metallics from Retirement Accounts. While technically not an “investment”, it's possible to invest in retirement accounts to gain exposure. You must make investments in precious metals via a qualified retirement account to be eligible for Section 219 tax benefits. These accounts include IRAs. These accounts are often set up to help you save more for retirement. They offer higher returns than most other investment vehicles. Many of these accounts let you diversify your holdings across multiple types of metals. The drawback? Retirement accounts don't allow everyone to invest. Only employees who have been sponsored by an employer can invest in retirement accounts.
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